November 5, 2015

Halcon Resources Announces Third Quarter 2015 Results

HOUSTON, Nov. 05, 2015 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company") today announced its third quarter 2015 results.

The Company generated revenues of $129.9 million for the three months ended September 30, 2015.  In addition, Halcón realized a net gain on settled derivative contracts of $114.9 million during the quarter. 

The Company produced an average of 40,739 barrels of oil equivalent per day (Boe/d) during the period.  Third quarter 2015 production was 80% oil, 10% natural gas liquids (NGLs) and 10% natural gas.  Including the impact of hedges, Halcón realized 168% of the average NYMEX oil price, 15% of the average NYMEX oil price for NGLs and 111% of the average NYMEX natural gas price during the period. 

Total operating costs per unit, after adjusting for selected items (see Selected Operating Data table for additional information), decreased by 27% to $17.04 per Boe in the third quarter of 2015, compared to the third quarter of 2014. 

After adjusting for selected items primarily related to a non-cash gain on the extinguishment of debt and a non-cash pre-tax full cost ceiling impairment charge (see Selected Item Review and Reconciliation table for additional information), net income available to common stockholders was $21.2 million, or $0.04 per diluted share, for the three months ended September 30, 2015.  The Company reported net income available to common stockholders of $123.5 million, or $0.18 per diluted share for the quarter. 

Floyd C. Wilson, Chairman and Chief Executive Officer, commented, "Our operational staff continues to exceed expectations.  Efficiency gains combined with lower costs are driving results.  We remain focused on initiatives that will strengthen our balance sheet and remain confident in our ability to emerge from this downturn a much stronger company."

Recent Developments

As previously disclosed, the borrowing base on Halcón's senior secured revolving credit facility was recently reaffirmed at $850 million in conjunction with the Company's regularly scheduled semi-annual redetermination. 

Liquidity and Capital Spending

Halcón's liquidity as of September 30, 2015 was approximately $827 million, which consisted of cash on hand plus undrawn capacity on its senior secured revolving credit facility. 

During the third quarter of 2015, the Company incurred capital costs of $83.8 million on drilling and completions, $5.0 million on infrastructure/seismic and $3.7 million for leasehold acquisitions.  In addition, Halcón incurred $34.7 million for capitalized interest, G&A and other.

Operational Update

The Company is currently operating three rigs across its asset base and has 12 wells being completed or waiting on completion. 

Bakken/Three Forks

Halcón operated an average of two rigs in the Williston Basin during the quarter.  The Company spudded 13 wells and put 9 wells online in the Fort Berthold area ("FBIR") during the period.  Halcón also participated in 34 non-operated wells with an average working interest of approximately 1% during the three months ended September 30, 2015.  On average, operated wells put online in 2015 are outperforming the Company's 801 MBoe FBIR type curve.

Average drill times (surface spud to rig release) in FBIR decreased to 15.81 days per well during the third quarter of 2015, 29% faster than the average drill times during the third quarter of 2014.  In addition, Halcón set the following new FBIR drilling records during the period:

       
Halcón 3Q15 FBIR Drilling Records     
 Current HK Record Previous HK Record % Improvement
Surface Spud to Rig Release (days) - Bakken14.65 15.65  6%
Surface Spud to Rig Release (days) - Three Forks14.71 16.94  13%
24 Hour Footage (feet)5,104 4,731  8%
        

 

During the quarter, the average time from the start of completion to production was approximately 19 days, representing an improvement of 32% compared to the third quarter of 2014.  This improvement was primarily driven by modifying the well clean out process.  Year-to-date, completion costs on all Company-operated wells have come in under their authorization for expenditure (AFE). 

Completed well costs remained consistent throughout most of the third quarter of 2015 at approximately $7.2 million; however, Halcón has experienced additional service cost reductions and estimates that completed well costs in FBIR are currently approximately $6.8 million

The Company has made significant progress increasing gas capture in the Williston Basin and is currently selling approximately 95% of its gas production.

Halcón is the operator of 199 producing Bakken wells and 60 Three Forks wells.  The Company currently has 5 Bakken wells and 4 Three Forks wells being completed or waiting on completion on its operated acreage. 

"El Halcón" - East Texas Eagle Ford

Halcón operated one rig in El Halcón during the third quarter.  The Company spudded four wells and put three wells online during the period.  On average, wells put online year-to-date are outperforming Halcón's 452 MBoe type curve for the area on a per lateral foot basis.

The Company's operational performance continues to improve in El Halcón.  Drilling days (spud to total depth) averaged 11.41 days per 3-string well during the third quarter of 2015, or 1,439 feet per day, representing an improvement of 32% compared to the third quarter of 2014.  Halcón set a new drilling record during the period by drilling a 3-string well in 9.70 days (spud to total depth), or 1,562 feet per day.

The Company completed an average of four stages per day on wells completed during the three months ended September 30, 2015, a 40% improvement compared to the same period of 2014.  Halcón set a new record during the period by completing an average of five stages per day on a single well.

The drilling program at El Halcón is in development mode and the Company expects to drill two to four wells per pad throughout the remainder of this year and in 2016. 

The current estimated completed well cost is approximately $6.8 million for a three-string well.  This completed well cost estimate accounts for a 500 foot increase in average lateral length to approximately 7,500 feet and a 33% increase in the amount of proppant used during completion operations (~2,000 pounds per lateral foot), all of which is expected to result in more reserves per well. 

There are currently 102 Halcón-operated East Texas Eagle Ford wells producing and 3 Company-operated wells being completed or waiting on completion. 

Fourth Quarter 2015 Production Guidance

Halcón expects to produce an average of 39 - 41 Mboe/d during the fourth quarter of 2015.

Hedging Update

The Company has 30,500 barrels per day of oil hedged from October 1, 2015 to December 31, 2015 at an average price of $90.21 per barrel.  For 2016, Halcón has 25,497 barrels per day of oil hedged at an average price of $80.59 per barrel, and for 2017, Halcón has 3,750 barrels per day of oil hedged at an average price of $65.75 per barrel.  The Company estimates the pre-tax mark-to-market value of its hedge portfolio to be approximately $350 million as of November 4, 2015

Conference Call and Webcast Information

Halcón Resources Corporation (NYSE:HK) has scheduled a conference call for Friday, November 6, 2015, at 10:00 a.m. EST (9:00 a.m. CST). To participate in the conference call, dial (877) 810-3368 for domestic callers, and (914) 495-8561 for international callers a few minutes before the call begins and reference Halcón Resources conference ID 51197072.  The conference call will also be webcast live over the Internet on Halcón Resources' website at http://www.halconresources.com in the Investor Relations section under Events & Presentations.  A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through November 13, 2015.  To access the replay, dial (855) 859-2056 for domestic callers or (404) 537-3406 for international callers, in both cases referencing conference ID 51197072. 

About Halcón Resources

Halcón Resources Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

Forward-Looking Statements

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects", "believes", "intends", "anticipates", "plans", "estimates", "potential", "possible", or "probable" or statements that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved.  Additionally, improvements mentioned herein are not necessarily indicative of future production rates or performance.  Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and other filings submitted by the Company to the U.S. Securities and Exchange Commission ("SEC"), copies of which may be obtained from the SEC's website at www.sec.gov or through the Company's website at www.halconresources.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.

  
HALCÓN RESOURCES CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 
(In thousands, except per share amounts) 
          
          
  Three Months Ended September 30, Nine Months Ended September 30, 
   2015   2014   2015   2014  
Operating revenues:         
Oil, natural gas and natural gas liquids sales:         
Oil  $  121,845  $  287,863  $  404,368  $  848,104  
Natural gas    5,058      8,248     17,595     27,965   
Natural gas liquids    2,615     10,273     10,572     28,396  
  Total oil, natural gas and natural gas liquids sales    129,518     306,384     432,535     904,465  
Other    421     125     1,622     4,337  
  Total operating revenues    129,939     306,509     434,157     908,802  
          
Operating expenses:         
Production:         
Lease operating    22,248     28,094     81,266     95,700  
Workover and other    4,769     5,773     11,614     12,550  
Taxes other than income    12,102     28,532     37,246     83,002  
Gathering and other    9,091     7,460     30,583     18,119  
Restructuring    434     -      2,664      987  
General and administrative    21,027     29,569     68,098     90,110  
Depletion, depreciation and accretion    77,071     135,578     297,409     388,956  
Full cost ceiling impairment    511,882     -      2,014,518     61,165  
Other operating property and equipment impairment    -       -      -     3,789  
  Total operating expenses    658,624     235,006     2,543,398     754,378  
Income (loss) from operations    (528,685)    71,503     (2,109,241)    154,424  
Other income (expenses):         
Net gain (loss) on derivative contracts    204,621     163,287     216,805     8,589  
Interest expense and other, net    (57,977)    (38,450)    (180,206)    (107,114) 
Gain (loss) on extinguishment of debt    535,141     -      557,907     -  
Gain (loss) on extinguishment of Convertible Note and          
   modification of February 2012 Warrants    -      -      (8,219)    -  
  Total other income (expenses)     681,785     124,837     586,287     (98,525) 
Income (loss) before income taxes    153,100     196,340     (1,522,954)    55,899  
Income tax benefit (provision)     (6,025)    1,295     (6,224)    1,295  
Net income (loss)    147,075     197,635     (1,529,178)    57,194  
Series A preferred dividends    (4,196)    (4,959)    (13,999)    (14,878) 
Preferred dividends and accretion on redeemable noncontrolling interest    (19,351)    (5,823)    (39,069)    (6,719) 
Net income (loss) available to common stockholders $  123,528  $  186,853  $  (1,582,246) $  35,597  
          
Net income (loss) per share of common stock:         
Basic $  0.21  $  0.45  $  (3.06) $  0.09  
Diluted $  0.18  $  0.36  $  (3.06) $  0.08  
Weighted average common shares outstanding:          
Basic    586,053     416,470     517,624     415,264  
Diluted    754,782     548,246     517,624     423,033  
           

 

  
HALCÓN RESOURCES CORPORATION 
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) 
(In thousands, except share and per share amounts) 
      
  September 30,  December 31, 
   2015   2014  
Current assets:    
 Cash$  6,254  $  43,713  
 Accounts receivable   191,247     276,559  
 Receivables from derivative contracts    327,535     352,530  
 Restricted cash   16,541     16,131  
 Inventory   4,045     4,693  
 Prepaids and other   6,861     9,079  
   Total current assets   552,483     702,705  
Oil and natural gas properties (full cost method):    
 Evaluated   6,783,169     6,390,820  
 Unevaluated   1,817,237     1,829,786  
   Gross oil and natural gas properties   8,600,406     8,220,606  
 Less - accumulated depletion   (5,257,516)    (2,953,038) 
   Net oil and natural gas properties   3,342,890     5,267,568  
Other operating property and equipment:    
 Gas gathering and other operating assets   130,080     126,804  
 Less - accumulated depreciation    (20,498)    (14,798) 
 Net other operating property and equipment   109,582     112,006  
Other noncurrent assets:    
 Receivables from derivative contracts   73,583      151,324  
 Debt issuance costs, net   42,598     55,904  
 Deferred income taxes   127,623     136,826  
 Equity in oil and natural gas partnership   4,082     4,309  
 Funds in escrow and other   1,921     3,833  
Total assets$  4,254,762  $  6,434,475  
      
Current liabilities:    
 Accounts payable and accrued liabilities$  336,595  $  607,750  
 Asset retirement obligations   144     106  
 Current portion of deferred income taxes   127,623     136,826  
   Total current liabilities   464,362     744,682  
Long-term debt   3,111,229     3,746,736  
Other noncurrent liabilities:    
 Liabilities from derivative contracts   623     9,387  
 Asset retirement obligations   42,069     38,371  
 Other   7,306     5,964  
Commitments and contingencies    
Mezzanine equity:    
 Redeemable noncontrolling interest   156,235     117,166  
Stockholders' equity:    
 Preferred stock: 1,000,000 shares of $0.0001 par value authorized; 244,934 and 345,000    
   shares of 5.75% Cumulative Perpetual Convertible Series A, issued and outstanding     
   at September 30, 2015 and December 31, 2014, respectively   -     -  
 Common stock: 1,340,000,000 shares of $0.0001 par value authorized;    
   605,328,701 and 427,808,306 shares issued and outstanding    
   at September 30, 2015 and December 31, 2014, respectively   61     42  
 Additional paid-in capital   3,278,858     2,995,402  
 Accumulated deficit   (2,805,981)    (1,223,275) 
   Total stockholders' equity    472,938     1,772,169  
Total liabilities and stockholders' equity $  4,254,762  $  6,434,475  
          

 

  
HALCÓN RESOURCES CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 
(In thousands) 
            
    Three Months Ended September 30, Nine Months Ended September 30, 
     2015   2014   2015   2014  
Cash flows from operating activities:         
Net income (loss) $  147,075  $  197,635  $  (1,529,178) $  57,194  
Adjustments to reconcile net income (loss) to net cash         
  provided by (used in) operating activities:         
 Depletion, depreciation and accretion    77,071     135,578     297,409     388,956  
 Full cost ceiling impairment    511,882     -     2,014,518     61,165  
 Other operating property and equipment impairment    -     -     -      3,789  
 Share-based compensation, net    3,035      4,591     11,245     13,837  
 Unrealized loss (gain) on derivative contracts    (89,741)    (169,713)    93,972     (38,660) 
 Amortization and write-off of deferred loan costs    1,910     1,037     6,002     3,198  
 Non-cash interest and amortization of discount and premium    320     744     2,029     1,976  
 Loss (gain) on extinguishment of debt    (535,141)    -     (557,907)    -  
 Loss (gain) on extinguishment of Convertible Note and modification          
    of February 2012 Warrants    -     -     8,219     -  
  Accrued settlements on derivative contracts    (11,022)    -     (37,803)    -  
 Other income (expense)    797     (1,824)    5,805     (594) 
Cash flow from operations before changes in working capital    106,186     168,048     314,311      490,861  
Changes in working capital, net of acquisitions    8,478     2,900     17,883     91,029  
Net cash provided by (used in) operating activities    114,664     170,948     332,194     581,890  
            
Cash flows from investing activities:         
 Oil and natural gas capital expenditures    (123,990)    (324,911)    (531,741)    (1,178,649) 
 Proceeds received from sale of oil and natural gas assets    -     14,522     1,111     479,974  
 Advance on carried interest    -     -     -     (189,442) 
 Other operating property and equipment capital expenditures    (2,435)    (10,831)    (9,913)    (40,356) 
 Funds held in escrow and other    (24)    1,528     1,877     1,221   
Net cash provided by (used in) investing activities    (126,449)    (319,692)    (538,666)     (927,252) 
             
Cash flows from financing activities:         
 Proceeds from borrowings    283,000     458,000     1,579,000     1,744,000  
 Repayments of borrowings     (263,000)    (372,000)    (1,392,000)     (1,399,000) 
 Debt issuance costs    (7,091)    (680)    (25,703)    (757) 
 Series A preferred dividends    (4,656)    -     (4,656)    -  
 Common stock issued    -     -      15,354     -  
 HK TMS, LLC preferred stock issued    -     -     -     110,051  
 HK TMS, LLC tranche rights    -     -     -     4,516  
 Preferred dividends on redeemable noncontrolling interest    -      (3,025)    -     (3,518) 
 Restricted cash    (58)    16     (410)    (15,984) 
 Offering costs and other    (129)    (151)    (2,572)    (2,092) 
Net cash provided by (used in) financing activities     8,066     82,160      169,013     437,216  
            
Net increase (decrease) in cash     (3,719)    (66,584)     (37,459)    91,854  
            
Cash at beginning of period    9,973     161,272     43,713     2,834  
Cash at end of period $  6,254  $  94,688  $  6,254  $  94,688  
            
            
Disclosure of non-cash investing and financing activities:          
 Accrued capitalized interest $  2,172  $  (4,272) $  (442) $  (5,340) 
 Asset retirement obligations    651     1,054     2,405     (3,396) 
 Series A preferred dividends paid in common stock    -      4,959     9,803     14,878  
 Preferred dividends on redeemable noncontrolling interest paid-in-kind    3,209     -      9,340     -   
 Accretion of redeemable noncontrolling interest    16,142     2,798     29,084     3,201  
 Change in fair value of redeemable noncontrolling interest    -      -      645     -   
 Common stock issued on conversion of senior notes    -      -       231,383     -   
 Third Lien Notes issued on conversion of senior notes    1,017,994     -      1,017,994     -   
            

 

  
HALCÓN RESOURCES CORPORATION 
SELECTED OPERATING DATA 
(Unaudited) 
          
  Three Months Ended September 30, Nine Months Ended September 30, 
   2015   2014   2015   2014  
           
Production volumes:         
Crude oil (MBbls)  2,993   3,301     9,096     9,343  
Natural gas (MMcf)  2,300   2,398     7,444      6,192  
Natural gas liquids (MBbls)  371   306     1,046     755  
Total (MBoe)  3,748   4,007     11,383     11,130  
Average daily production (Boe/d)  40,739   43,554     41,696     40,769  
          
Average prices:         
Crude oil (per Bbl) $  40.71  $  87.20  $  44.46  $  90.77  
Natural gas (per Mcf)    2.20     3.44     2.36     4.52  
Natural gas liquids (per Bbl)    7.05      33.57     10.11     37.61  
Total per Boe    34.56     76.46      38.00     81.26  
           
Cash effect of derivative contracts:          
Crude oil (per Bbl) $  37.73  $  (1.96) $  33.54  $  (3.06) 
Natural gas (per Mcf)    0.85     0.02     0.77     (0.24) 
Natural gas liquids (per Bbl)    -      -      -       -   
Total per Boe    30.65     (1.60)    27.30     (2.70) 
          
Average prices computed after cash effect of settlement of derivative contracts:         
Crude oil (per Bbl) $  78.44  $  85.24  $  78.00  $  87.71  
Natural gas (per Mcf)    3.05     3.46     3.13     4.28  
Natural gas liquids (per Bbl)     7.05     33.57     10.11     37.61  
Total per Boe    65.21     74.86     65.30     78.56  
          
Average cost per Boe:         
Production:         
 Lease operating $  5.94   $  7.01  $  7.14  $  8.60  
 Workover and other    1.27     1.44     1.02     1.13  
 Taxes other than income    3.23     7.12     3.27     7.46  
Gathering and other, as adjusted (1)    2.02      1.86     1.94     1.63  
Restructuring    0.12     -      0.23     0.09  
General and administrative, as adjusted (1)    4.58     6.07     4.70     6.44  
Depletion    19.92      33.18     25.47     34.25  
          
(1) Represents gathering and other and general and administrative costs per Boe, adjusted for items noted in the reconciliation below:   
           
General and administrative:         
General and administrative, as reported $  5.61  $  7.38  $  5.98  $  8.09  
Share-based compensation:         
 Non-cash    (0.81)    (1.15)    (0.99)    (1.24) 
Acquisition and merger transaction costs and other:          
 Cash     (0.22)    (0.16)    (0.29)    (0.41) 
General and administrative, as adjusted $  4.58  $  6.07  $  4.70   $  6.44  
           
Gathering and other, as reported $  2.43   $  1.86  $  2.69  $  1.63  
Rig termination / stacking charges     (0.41)    -      (0.75)    -   
Gathering and other, as adjusted  $  2.02  $  1.86  $  1.94  $  1.63  
          
Total operating costs, as reported $  18.48  $  24.81  $  20.10  $  26.91  
Total adjusting items    (1.44)    (1.31)    (2.03)    (1.65) 
Total operating costs, as adjusted(2) $  17.04  $  23.50  $  18.07  $  25.26  
           
(2) Represents lease operating, workover and other expense, taxes other than income, gathering and other expense and general and administrative costs per Boe, adjusted for items noted in reconciliation above. 
 
          

 

  
HALCÓN RESOURCES CORPORATION 
SELECTED ITEM REVIEW AND RECONCILIATION (Unaudited) 
(In thousands, except per share amounts) 
          
          
  Three Months Ended September 30, Nine Months Ended September 30, 
   2015   2014   2015   2014  
As Reported:         
Net income (loss) available to common stockholders, as reported $  123,528  $  186,853  $  (1,582,246) $  35,597  
Series A preferred dividends    4,196     4,959     13,999     14,878  
Preferred dividends and accretion on redeemable noncontrolling interest    19,351     5,823     39,069     6,719  
Net income (loss)    147,075     197,635     (1,529,178)    57,194  
          
Impact of Selected Items:         
Unrealized loss (gain) on derivatives contracts:          
  Crude oil $  (90,760) $  (167,576) $  90,150  $  (35,827) 
  Natural gas     1,019     (2,137)    3,822     (1,073) 
Total mark-to-market non-cash charge    (89,741)    (169,713)    93,972     (36,900) 
Full cost ceiling impairment    511,882     -      2,014,518     61,165  
Other operating property and equipment impairment    -      -      -      3,789  
Loss (gain) on extinguishment of debt    (535,141)    -      (557,907)    -   
Loss (gain) on extinguishment of Convertible Note and modification of February 2012 Warrants    -      -      8,219     -   
Deferred financing costs expensed, net    324     -      1,203     499   
Restructuring    434     -      2,664     987  
Rig termination / stacking charges and other    3,186     815     20,083     4,777  
Selected items, before income taxes    (109,056)    (168,898)    1,582,752     34,317  
Income tax effect of selected items(1)     (16,843)    (17,866)    (39,517)    (40,071) 
Selected items, net of tax    (125,899)    (186,764)    1,543,235     (5,754) 
          
As Adjusted:         
Net income (loss) available to common stockholders, excluding selected items $  21,176  $  10,871  $  14,057  $  51,440  
Net income (loss) from assumed conversions    -      -      -       -   
Net income (loss) available to common stockholders after assumed conversions, excluding selected items(2) $  21,176  $  10,871  $  14,057  $  51,440  
          
Basic net income (loss) per common share, as reported $  0.21  $  0.45  $  (3.06) $  0.09  
Impact of selected items    (0.17)    (0.42)    3.09     0.03  
Basic net income (loss) per common share, excluding selected items(2) $  0.04  $  0.03  $  0.03  $  0.12  
          
Diluted net income (loss) per common share, as reported $  0.18  $  0.36  $  (3.06) $  0.08  
Impact of selected items    (0.14)    (0.33)    3.09      0.04  
Diluted net income (loss) per common share, excluding selected items(2)(3) $  0.04  $  0.03  $  0.03  $  0.12  
          
          
Net cash provided by (used in) operating activities $  114,664  $  170,948  $  332,194  $  581,890  
Changes in working capital, net of acquisitions    (8,478)    (2,900)    (17,883)    (91,029) 
Cash flow from operations before changes in working capital    106,186     168,048     314,311     490,861  
Cash components of selected items    13,830     629     54,849     5,425  
Income tax effect of selected items    (1,040)    (227 )    (6,314)    (1,962) 
Cash flow from operations before changes in working capital, adjusted for selected items(2) $  118,976  $  168,450  $  362,846  $  494,324  
          
          
(1) For the 2015 columns this represents tax impact using an estimated tax rate of 37.04%. These columns also include an adjustment for the change in valuation allowance of $(57.2 million) and $546.7 million for the three and nine months ended September 30, 2015, respectively.
For the 2014 columns this represents tax impact using an estimated tax rate of 36.16%. These columns also include an adjustment for the change in valuation allowance of $(78.9 million) and $(27.7 million) for the three and nine months ended September 30, 2014, respectively.
(2) Net income (loss) and earnings per share excluding selected items and cash flow from operations before changes in working capital adjusted for selected items are non-GAAP measures.  
These financial measures are presented based on management's belief that they will enable a user of the financial information to understand the impact of these items on reported results.   
Additionally, this presentation provides a beneficial comparison to similarly adjusted measurements of prior periods.  These financial measures are not measures of financial performance under GAAP and should not be considered as an alternative to net income, earnings per share and cash flow from operations, as defined by GAAP.  These financial measures may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Halcón's performance.
(3) The impact of selected items for the three months ended September 30, 2015 and 2014 was calculated based upon weighted average diluted shares of 586.1 million and 427.8 million, respectively, due to the net income available to common stockholders, excluding selected items.
The impact of selected items for the nine months ended September 30, 2015 and 2014 was calculated based upon weighted average diluted shares of 518.2 million and 423.0 million, respectively, due to the net income available to common stockholders, excluding selected items.
          
For more information contact Scott Zuehlke, Vice President of Investor Relations, at 832-538-0314 or szuehlke@halconresources.com.

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Source: Halcon Resources

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